Choose a Trust Over Beneficiary Designations
March 12, 2026Trust a Trust! The Advantages of Trusts Over Beneficiary Designations When it comes to naming beneficiaries on retirement accounts, consider using a trust as a beneficiary instead of a direct designation. In an effort to give you the most control over your assets, a Trust allows you to manage when and how heirs receive… Read more »
Proposed Regulations Issued for Trump Accounts
March 12, 2026Proposed Regulations for Trump Accounts The IRS and Treasury have issued proposed regulations for Trump accounts (also called 530A accounts), the new child savings accounts created by the One Big Beautiful Bill Act (OBBBA) President Donald Trump signed last July. The proposed regulations detail how to open and manage Trump accounts and explain how the… Read more »
Beware the Dirty Dozen Tax Scams
March 12, 2026IRS Announces the Dirty Dozen Tax Scams for 2026 Tax season is busy for everyone, even tax scammers. The Internal Revenue Service does its best to keep an eye on these kinds of things to spot new and returning scams. They released its updated warning list of the 2026 “Dirty Dozen” the 12 tricks fraudsters… Read more »
FinCEN kicks off Residential Real Estate Reporting
March 12, 2026FinCEN Residential Real Estate Reporting Explained New Rules for Home Transfers to Trusts As of March 1, 2026, the beneficial owners of certain residential real estate transactions must be reported to FinCEN, this is called the Residential Real Estate Reporting Rule. The Reporting Rule requires additional reporting when residential property transfers to a legal entity… Read more »
New Credit Card Processing Vendor
February 24, 2026AJM&A Switches to Clio Payments for Online Bill Pay We are upgrading our online billing/credit card service provider to Clio Payments to serve you better. While we are switching vendors, you can expect the same, if not better, high-quality experience and seamless service, effective March 1. No action is required on your part. It… Read more »
Avoiding Common IRS Audit Triggers
February 15, 2026For many taxpayers, the prospect of an IRS audit can be intimidating. Whether you manage a small business or file as an individual, an audit can lead to stress, disruption, and potential financial exposure. At Anthony J. Madonia & Associates, we help clients across Schaumburg and the greater Chicago area understand how audits work and… Read more »
Sometimes the Best Practice is Filing an Extension
February 11, 2026Filing Tax Extension: A Smart Choice for You Basics about extending your tax return bad and good This year, federal income tax returns are due by April 15 for most people. However, if you cannot file your return by the deadline for whatever reason, it’s fairly easy to get the due date extended to October… Read more »
Valentine Fun at AJM&A
February 11, 2026Bring on the Cupids and Chocolates-Valentine Fun at AJM&A Our office is decked in hearts and we are ready to celebrate Valentine’s Day. Maybe since a married couple run the show here (looking at your Tony & Jenny) we love a good romantic gesture. We are offering our romantic gesture services as well as legal… Read more »
Welcome Abbey Kohn – Marketing Intern
February 11, 2026Welcome Abbey Kohn – Marketing Intern It is with great excitement that we introduce our Marketing Intern, Abbey Kohn. Through our involvement with the Don and Lorena Meier Foundation and their strong presence at the University of Nebraska, we were able to recruit a talented sophomore in the School of Journalism. The University of Nebraska… Read more »
People Are Our Superpower
February 11, 2026What is Our Superpower? We live in a world of automated answering machines, apps that allow us to schedule appointments, order lunch, or pay bills, and AI generated bots that often do a poor job of addressing our needs. An automated attendant answers calls to many companies, followed by questions about which language you prefer, who you are asking for,… Read more »